February 12, 2014

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Article

Utah Gas Prices Fourth-Lowest in Country

Press Release

February 12, 2014

Salt Lake City – Typically, gasoline prices move upward early in the year. This year motorists nationwide are enjoying relative steady prices and, in Utah’s case, seeing some relief at the pumps.

Since 2010, Utah’s gasoline prices have increased from Jan. 1 through Feb. 11 posting a $0.17 increase in 2010, a $0.24 increase in 2011, a $0.16 increase in 2012 and a whopping $0.37 increase in 2013. Today, the average gas price in Utah has dropped $0.04 cents from the first of the year. Nationally, gasoline prices have generally followed the same trend. In 2010, the national average price dropped $0.01 cent from Jan. 1 to Feb. 11, but in 2011, the national price increased $0.06, in 2012, it increased $0.23, and in 2013 it increased $0.30

The average gasoline price in Utah today is $3.09 per gallon of regular gasoline. This is the same as one week ago, $0.04 lower than last month’s AAA report on January 14, and $0.16 lower than a year ago. Not only did Utah’s price drop from the first of the year, Utah is posting some of the lowest prices in the country. Only Missouri, Montana and South Carolina have prices lower than Utah.

All of the Utah cities tracked by AAA as a service to consumers reported decreases with the exception of Vernal where the price remained the same from last month’s AAA report. The lowest average price, $3.02, can be found in Ogden. Moab reported the highest average price, $3.27.

“Some of the influences that have kept gasoline prices from soaring this year are the cold weather, which has kept motorists off the road; the absence of production concerns overseas; and regional refinery issues that pushed prices up in past years,” said Rolayne Fairclough, AAA Utah spokesperson. “In 2011, escalating violence in Egypt and Libya pushed prices higher. In 2012, it was growing tensions with Iran and in 2013, domestic production issues were the key to higher prices.”

The national average price is $3.31 per gallon of regular gasoline. This is $0.02 higher than yesterday, $0.04 higher than a week ago, the same as last month’s AAA report and $0.28 lower than a year ago. Hawaii’s average price, $4.04, is the only state reporting an average price over $4.00. The highest price in the contiguous states is found in California at $3.65. Montana has the lowest average price in the country at $3.04.

Crude oil prices have been relatively stable early in the year. However, prices moved higher at the end of last week and settled just short of $100 per barrel on Friday. The trend continued yesterday, increasing $0.18 with West Texas Intermediate (WTI) settling at $100.06 per barrel. This marks the first time since October 18, 2013 that WTI settled over the $100 threshold.

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